Morocco Sets Year-End Deadline for Residents to Declare Foreign Assets

In a circular that came into effect on July 28, the Foreign Exchange Office reminded banks that paragraph V-1 of Article 8 of Finance Act No. 70-19 for the 2020 fiscal year, relating to the spontaneous regularization of assets and liquidity held abroad by residents, has been amended as part of the Amending Finance Act No. 35-20 for this year.

Consequently, the maximum deadline set for the subscription and payment of the liberating contribution relating to the said regularization by the persons concerned, initially set for October 31, 2020, has been extended. According to the same source, the rest of the aforementioned Article 8 remains unchanged.

As for the banks, they are also informed that the liquid assets declared must be repatriated no later than January 31, 2021. They are also informed that the accounts held abroad and not intended for the management of real estate or financial assets, declared as part of this operation, must be closed. According to the circular, Articles 5 and 6 of the Foreign Exchange Office Circular No. 1/2020 of December 25, 2019, are consequently amended.